Graham Wallace: Resigned today after less than a year in the role (Source: Getty)

Rangers chief executive Graham Wallace has resigned after less than a year in the role, as the Scottish football club accepted a £2m loan from Newcastle owner Mike Ashley.

In a statement issued this morning, Rangers' board thanked Wallace for “his contribution to the club during a difficult period”. Wallace was appointed chief executive in November 2013.

It had already begun searching for a replacement chief executive, it added.

The club revealed Wallace's departure alongside its announcement that its subsidiary Rangers Football Club Limited (RFCL) had entered a credit facility agreement, withAshley's Mash Holdings making £2m available, interest free, over six months. The loan is secured against Edmiston House and Albion car park.

Rangers said it planned to use the cash for “general working purposes”.

The deal also allows Mash – which has an 8.29 per cent stake in the club - to appoint “up to two directors”.